Congress recently passed and the President signed the Temporary Payroll Tax Cut Continuation Act of 2011. This act temporarily extends the two percentage point payroll tax cut for employees by continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through February 29, 2012. more…
Tag-Archive for [ Income Tax ]
12/15/11
Tax Credits for “Going Green”
Homeowners still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.
Startup businesses are often considering either a Limited Liability Company ("LLC") or a Subchapter S Corporation. Here are the differences:
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item. more…
The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period begins on the day the asset is purchased, as measured by the trade date, to the day the asset is sold. Assets that are inherited are deemed to be held long term. more…
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